Yeeps. Anyone who thought that Wednesdays' stock market selloff was a mere blip can think again. And how do those 65 million Americans who voted for Barack Obama feel about losing 10% of their 401(k) plans in the two days since his historic, successful bid for the U.S. presidency?

Spinsters from both sides of the political aisle are pointing fingers over what's and who's to blame for the massive slide in stocks on Wednesday and Thursday. More likely, there's plenty of blame to go around. A lousy consumer retail number for October (that's bound to make tech execs even grumpier than usual, if that's possible) is leading to speculation that this year's holiday season will be a historic downer. The news that the big three automakers could altogether shed one million jobs isn't helping (one in ten U.S. jobs are tied to the auto industry). And Qualcomm's earnings report today that it missed its revenue mark left a lousy taste in the mouth of investors who normally look to IT stocks as a safe haven in a stiff recession.

Perhaps the only American laughing right now is George W. Bush. Two days in as president elect and W. knows that Obama's mantra of change is already reeling from a heavy dose of financial reality. "How do you like them apples, Barack?" might be the operative theme in the Bush White House over the next two months.

Even so, it's no uneasy head that wears the crown, as Obama is already showing signs of buddying up to the technology sector, which was one of the heaviest industry donors to the Obama presidential campaign.

Payback starts with Obama tapping a technology industry guru as a key member of his transition team. Reports Information Week this morning, "President-elect Barack Obama has added technology maven Julius Genachowski as a key member of his transition team, instantly creating speculation that technology will play an important role in the new administration."

"Obama has expressed strong support for spreading technology, and even for creating a Cabinet-level chief technology officer position," says IW. "Genachowski's appointment ensures that he'll have the president-elect's ear on key technology issues. The two men have known each other since their days as students at Harvard Law School."

Information Week is spreading the rumor that Genachowski is first in line for the Federal Communications Commission chairmanship (he was a legal council to ex-FCC chairman Reed Hundt). A corporate tech exec with stints as a board member at Expedia, Ticketmaster, and Hotels.com, Genachowski appears to be among the inner circle in an Obama White House, and should have close access to the new president.

For the tech sector, it's a start. I'm not sure the road to riches on Wall Street goes through the White House, but considering the industry's other options, it's the best path we've got.